Tuesday
September 15, 2015
Yesterday and Today
Yesterday
We opened higher for a brief moment and then immediately sold off. Eventually the Dow was down about 100 and Eminis down 11. Other than that, it was an uneventful day with the market almost not making a a 100 point move for the 2nd time in 18 days.
But it did make a 100 point move and we are not done with them yet.
OTHER ITEMS:
Bonds were unchanged awaiting the Fed decision on Thursday.
BABA was down $2 on reports that a firm downgraded it and stated it had another 50% to fall.
VIX is holding firm at 24%.
TODAY – slowly increasing movement
I admit when I am wrong, and I was wrong Sunday. Based on Friday’s spike up on the close I guesstimated that there were a lot of shorts left that didn’t cover, and we would be HIGHER yesterday. We were higher on the open and then sold off.
I suppose we have too many unknowns at the moment. Thursday is the release of the Fed’s rte decision and what an exhausting process this is. I care more about seeing my friends pictures of their baby for the 40th time than what the Fed does at this point. We also have a government shutdown possibility coming up in 9 days. And the best thing that can happen is it shuts down, but the markets will sell off going into it the deadline IF it doesn’t look like they are going to do status quo ā kick the trillion dollar bucket down the street.
I almost it does get shut down again. How cool would that be? Both the Dems and Republicans blame each other, the media makes it out to be the Republican’s problem, and Trump and Bernie Sanders get to talk about it for our amusement. Look, there is no reason to take any of this stuff seriously, so enjoy it.
If any politician actually cared about the country more than their $174k a year job, they would not have signed the Iran deal. These same people would not have signed Obamacare. These same people would take care of the VETS allowing them to go to any hospital that Blue Cross accepted. They would not be stealing from Social Security.
They would have bombed ISIS into the stone age. ISIS is not hard to find……just look for our 2,300 American Humvees they are driving around at $400,000 a pop. Yes people…that is $920 million dollars. Any coincidence that the military just put in a $1bln order for new Hummers? If they cared politicians would have to obey the same laws they pass, that we have to follow. It is a joke to them, so why get upset? We are just the little people too stupid to make our own decisions, so they will do it for us and enjoy the spoils along the way for their hard effort of working 137 days a year.
Find the humor in it. You know they are laughing their butts off when the cameras turn away.
But we are left to worry and think something that it is not, and that causes turmoil in the markets. The last government shutdown took 1200 Dow points off the top. It could do it again, and it will be a screaming BUY again.
NUTSHELL
All bets are off until Thursday. The media has made this out to be bigger than it is, and the market participants are going to be moving around like a windsock in a hurricane.
Thursday afternoon we move. Most Fed meetings end with an average of a 1/2% move. This will be much bigger, but I have no idea what direction. If we are down big going into it, the move will likely be higher ā or the opposite.
Friday ā Tuesday
Things will calm down and then pick right back up again if the politicians continue their grandstanding and game playing. Quite frankly, I think the Republicans are much happier working with Trump as president than the Democrats are working with Sanders. So the Republican’s may say āscrew it. Last time you got away with shaming us into cutting a deal. This time we will wait out the pain until next Novemberā. But in the end they will kick the can down the street ā AGAIN. None have the intestinal fortitude to act on principles and risk losing in the rating polls.
OPTION TRADERS
Having fun yet? More volatility until Thursday, and possible longer if Congress gets jealous of all the attention Trump is getting.
I know I said I was going to start a new Random Walker yesterday, but the more I think about it the less I see a rush. I might as well waif for a perfect time since volatility is not going away until after the Fed releases. More after the open.
POT is held each Wednesday night at 7:00pm eastern.
Contract the office at 1- 855 ā RWT ā 0008 for more details.
Too True To Be Funny
And these dolts wonder why non-politicans like Sanders and Trump are in first place in the polls. If these guys make decisions lets give Donald Duck a chance.
Attorney Stuff
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